Real Estate Inventory Continues to Rise on Vancouver Island in Around Town

July 14, 2022

Your Weekly Construction Briefing

Inventory in the VIREB area (north of Victoria) rose significantly last month, with listings of single-family homes more than doubling from June 2021. At the same time, sales dipped across the board area in most markets, and some areas saw small month-over-month price reductions.

VIREB’s June Market Statistics show an increase in real estate inventory on Vancouver Island.

Last month, active listings of single-family homes (not acreage or waterfront) climbed by 107 per cent from June 2021 and 23 per cent from May 2022, reaching 1,204. VIREB’s inventory of condo apartments was 295 in June, 43 per cent higher than one year ago and up by 28 per cent from May. There were 222 row/townhouses for sale in June, a 60 per cent year-over-year increase and up by 32 per cent from May.

SF MLS ®Average Sale $$ Increase
Comox Valley$899,093+14% last June
Campbell River$718,137+3% last June
Parksville/Qualicum$1,051,615+9.5% last June
Port Alberni/West$707,713+40% last June
Powell River$856,943+36% last June
VIREB Market Stats June 2022

For VIREB, sales from June 2021 decreased by 23 per cent for single-family, 37 per cent for condos, and 34 per cent for townhomes. In Campbell River and Port Alberni/West Coast, the number of sales dipped over 35% from June 2021.   

The board-wide benchmark price of a single-family home reached $865,600 in June, up 26 per cent year over year. In the apartment category, the benchmark price hit $452,600 last month, a 32 per cent increase from June 2021. 

In Powell River, residential active listings are up from 105 in 2021 to 138 in June 2022.  Sales were down from 29 last month compared to 52 in 2021.

Source: VIREB Market Stats & PRSCREB June Stats

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